Announcement of New Appointments at the FSA

Since its formation on 1 November 2015 the FSA has been reviewing the way it does its work to identify efficiencies and opportunities to enhance its processes, including the interface with regulated entities. The exercise has considered how we are structured to support our day to day work, our ongoing change initiatives and to address new challenges as an integrated regulator in a rapidly changing environment. In support of this we are pleased to announce the following changes within our leadership team.

Michael Weldon, formerly the Director of Supervision, will be taking on the new role of Director of Emerging Risks and International. In this role Michael will be responsible for overseeing the design of our new enterprise-wide risk management system and enhancing our capabilities around better understanding the externals risks facing the regulated sector. Michael brings a wealth of experience to this role not least his 13 years heading up the supervisory function for a number of key sectors.

As a consequence of this change we will be realigning our core supervisory teams. To this end I am pleased to announce the following further changes.

• Andrew Kermode will be taking on a new role as Director of Banking, Funds and Investment Division. Andrew has been with the FSA and its predecessor organisation since 2001, has been at the forefront of some challenging times in the banking sector and has led the Authority’s response to the banking sector through some important structural reform.
• Colin Manley who currently heads up the Insurance and Pensions Division will also be assuming responsibility for the Fiduciary Services team becoming Director of Insurance, Pensions and Fiduciary Services. Colin came to the Authority in October 2015 from the Central Bank of Ireland and brought with him a strong combination of private sector and regulatory experience at a senior level. The Insurance and Core Principles project will continue to report in to Colin.

Transformation and change are key to the FSA’s development and I am pleased to confirm that Francesca Signorio-Hooper will continue as Director of Business Change. In this role Francesca will lead the FSA’s data-systems redevelopment as well as a review and redesign of our supervisory methodology and practices. With her many years’ experience, taking a lead role in insurance and pensions’ regulatory development and supervision, Francesca is well placed to successfully deliver the desired enhancements.

Chief Executive Karen Badgerow commented:

“I am delighted to add further bench strength to the FSA management team through these appointments. Each member of the senior team brings a unique background and a proven track record to financial regulation and supervision.”

The appointments will be effective January 1, 2017.